Watchdog puts UK fuel retailers ‘on notice’ over profiteering from Iran war
Competition and Markets Authority will closely monitor pump prices to stop profits being ramped up amid crisis
TL;DR
- The UK's Competition and Markets Authority (CMA) is increasing its monitoring of fuel retailers.
- This is due to concerns about profiteering as the US war with Iran drives up wholesale fuel costs.
- The CMA will require firms to provide revenue, cost, and sales data to accelerate a review of fuel industry margins.
- Petrol and diesel prices have risen sharply (5.5% and 11.1% respectively) since the conflict began.
- The government has warned against companies exploiting the crisis for 'excess profits'.
- The CMA will analyze price changes to check for 'rocket and feather' pricing (rapid increases followed by slow decreases).